Mizuho Forecasts Strong Price Appreciation for Broadcom (NASDAQ:AVGO) Stock

Broadcom (NASDAQ:AVGO - Get Free Report) had its price objective upped by research analysts at Mizuho from $310.00 to $315.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an "outperform" rating on the semiconductor manufacturer's stock. Mizuho's price target points to a potential upside of 14.60% from the company's current price.

Several other brokerages also recently commented on AVGO. UBS Group raised their target price on Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research note on Friday, June 6th. JPMorgan Chase & Co. lifted their target price on shares of Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research report on Friday, June 6th. KeyCorp boosted their price target on shares of Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a report on Friday, March 7th. Barclays increased their price objective on Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a report on Monday, June 9th. Finally, Evercore ISI reiterated an "outperform" rating and issued a $304.00 target price (up previously from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Two investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, Broadcom currently has an average rating of "Buy" and an average target price of $281.46.

Broadcom Trading Up 1.8%

Shares of NASDAQ AVGO traded up $4.97 during trading on Thursday, reaching $274.87. The company had a trading volume of 10,592,655 shares, compared to its average volume of 28,641,799. Broadcom has a 12 month low of $128.50 and a 12 month high of $277.71. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The stock has a market cap of $1.29 trillion, a P/E ratio of 102.95, a PEG ratio of 1.92 and a beta of 1.12. The company's fifty day moving average price is $235.38 and its 200-day moving average price is $216.81.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.01. The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company's revenue was up 20.2% compared to the same quarter last year. During the same quarter last year, the business earned $10.96 EPS. As a group, research analysts expect that Broadcom will post 5.38 earnings per share for the current year.

Broadcom declared that its board has approved a share buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

Insider Buying and Selling at Broadcom

In related news, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the completion of the transaction, the insider directly owned 789,784 shares in the company, valued at $199,720,577.92. This trade represents a 1.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Hock E. Tan sold 117,758 shares of Broadcom stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the transaction, the chief executive officer owned 1,014,152 shares of the company's stock, valued at $256,489,182.32. The trade was a 10.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 854,716 shares of company stock valued at $221,433,761. Company insiders own 2.00% of the company's stock.

Hedge Funds Weigh In On Broadcom

A number of hedge funds have recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Broadcom in the fourth quarter worth about $16,893,010,000. Nuveen LLC bought a new position in shares of Broadcom during the 1st quarter valued at approximately $6,649,117,000. Price T Rowe Associates Inc. MD raised its position in shares of Broadcom by 37.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 65,509,579 shares of the semiconductor manufacturer's stock valued at $10,968,270,000 after purchasing an additional 17,985,046 shares during the period. GAMMA Investing LLC lifted its stake in shares of Broadcom by 18,179.3% during the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock valued at $2,892,548,000 after buying an additional 17,181,652 shares in the last quarter. Finally, GQG Partners LLC boosted its holdings in Broadcom by 200.0% in the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock worth $2,367,819,000 after buying an additional 6,809,245 shares during the period. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

About Broadcom

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.